23 December 2016
Custodian REIT acquires a 34,686 sq ft unit on Hanover Street, Liverpool, opposite Liverpool ONE
Custodian REIT is pleased to announce a 34,686 sq ft unit on Hanover Street, Liverpool located opposite Liverpool ONE, the city’s leading retail and leisure destination. The property comprises the ground and first floors beneath Premier Inn’s central and busy hotel, with other nearby occupiers including Nando’s, John Lewis, Home Bargains, Tesco, Subway, Ted Baker and Primark.
The property consists of a large restaurant let to Ocean Park Limited (trading as Tai Pan) and a health centre let to Liverpool Community Health NHS Trust, on leases expiring on 15 April 2038 and 31 October 2023 respectively. The current passing rent is £474,867 per annum reflecting a net initial yield of 6.96%.
The agreed purchase price of £6.4 million was funded from the Company’s existing debt facilities, resulting in net gearing increasing to 17.2% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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